In a class action lawsuit, Elon Musk, a fan of the popular meme coin Dogecoin, was accused of ‘inside trading’. There was a new development in this case today. Elon Musk’s lawyer explained that Musk does not own any wallet accused of ‘insider trading’.
The Dogecoin wallets in the lawsuit do not belong to Elon Musk!
Many media platforms are reporting this as Elon Musk “Doesn’t Own Dogecoin”. But he denied that he actually only had “Dogecoin wallets” that were part of the wallets accused of ‘inside trading’. cryptocoin.com As you follow, there is a million-dollar lawsuit against Musk for insider trading of Dogecoin. This case took a new turn today. Elon Musk’s lawyer, Alex Spiro, explained that Musk does not own any DOGE wallets that are part of the price manipulation. Previously, a class action lawsuit was filed against Elon Musk for allegedly manipulating the DOGE price and cashing out $95 million in pump casting.
Elon Musk has introduced Dogecoin many times, mostly to his large number of twitter followers. It was always accepted that the billionaire actually owned a Dogecoin. The ongoing proceedings in the lawsuit against Elon Musk specifically refer to Dogecoin wallets that benefited from Elon Musk’s tweets between April 3, 2023 and April 9, 2023.
As you may remember, on April 3, 2023, Elon Musk changed Twitter’s famous bird logo. He replaced the bird with the Dogecoin symbol representing a Shiba Inu Dog. This was followed by a massive 25% increase in Dogecoin price in a single day. As reported by the NY Post, his attorney lashed out at the plaintiff’s attorney in court today for assuming that the wallet at trial belonged to billionaire Elon Musk. He argued that the sole basis of the lawsuit was that these wallets belonged to Elon and that it was actually false.
Does Elon Musk own DOGE?
Many popular publishers have a misconception about this. Because, there are allegations that Elon Musk does not have any DOGE. However, according to Elon’s lawyer, he does not actually have any DOGE wallets accused of insider trading. It is possible that they have other wallets that were never part of the pump-dump. So this FUD of Elon Musk not having any Dogecoin may not actually be true. Elon Musk has actually agreed to hold Dogecoin at multiple events. Elon Musk shared that he owns Bitcoin, Ethereum and DOGE in a tweet in October 2021.
Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.
— Elon Musk (@elonmusk) October 24, 2021
Meanwhile, the popular meme coin DOGE has seen a serious drop in value recently. On a monthly basis, DOGE lost more than 17%. At press time, the token is changing hands at $0.06223, down 0.32% on a daily basis.
